Advanced battery platform Log9 Materials raises over $11 Mn in Series B round led by PTV International Ventures

• ByStartupStory     |    January 17, 2023

Log9 Materials, an advanced battery platform aimed at electric vehicles, has raised more than $11 million in an apparent extended Series B round led by PTV International Ventures. SiriusOne Capital, Cornerstone Ventures, and others also contributed to the new funding.

The second tranche of the Series B round follows Amara Raja Batteries’ Rs 77 crore ($9.4 million) fundraise in September 2022.

According to its regulatory filing with the RoC, Log9 Materials’ board of directors passed a special resolution to issue 44,194 Series B compulsory convertible preference shares (CCPS) and 440 partly paid CCPS at an issue price of Rs 22,703 each and Rs 100 per share to raise Rs 91.26 crore or $11.4 million.

PTV International Ventures led the round with Rs 83.33 crore, followed by SiriusOne Capital and Cornerstone Ventures, who each contributed Rs 2.9 crore and Rs 2.04 crore. Kube Opportunities’ LO Fund also contributed Rs 1.83 crore to the round, with the remaining funds coming from Anicut Capital, IITMS Rural Technology and Business Incubator, and others.

Log9 Materials produces RapidX batteries for three and two-wheelers, claiming to have the fastest charging solution in the ecosystem. It also collaborates with businesses to build an ecosystem of electric vehicle charging infrastructure across the country.

Log9 grew rapidly in the last fiscal year as a result of the rapid adoption of electric vehicles over the previous two years. Its operating revenue increased by 3.3X to Rs 24.7 crore in FY22, up from Rs 7.5 crore the previous fiscal year. Meanwhile, the company’s losses more than doubled to Rs 16.1 crore in the fiscal year that ended in March 2022.

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